Ten dumps CEO Warburton

Ten has dumped embattled chief executive James Warburton after a disastrous year at the network and will replace him with News Corp executive Hamish McLennan.

Gruen Transfer star Russel Howcroft will be acting CEO until Mr McLennan comes on board on March 18.

Mr McLennan is executive vice-president, office of the chairman of the global media group News Corp and chairman of REA Group, a digital advertising business focusing on real estate.

He was first linked with the CEO job at Ten almost two years ago when he quit the role of global chairman and CEO at advertising group Young & Rubicam to return to Australia for family reasons.

Ten chairman Lachlan Murdoch said in a statement the board was delighted to have been able ‘‘to attract a world class CEO with a strong track record to lead Ten’’.

Mr McLennan said in the statement that Ten was a media business with a strong balance sheet and excellent staff.

‘‘I look forward to leading Ten through a period of creative renewal and financial growth,’’ he said.

Mr McLennan will remain as non-executive chairman of REA Group.

Mr Warburton, a former Seven Network executive, joined Ten as chief executive in January 2012 but only after a successful court action by Seven in 2011 that delayed his official appointment to Ten.

He has presided over low ratings and a string of failed shows.

The board was under pressure after it had to undertake a second capital raising in December to offset declining earnings and raise money for programming investment. Mr Warburton had ruled out a second raising as late as October.